Following several days of tough negotiations in Atlanta, we salute the successful conclusion of the Trans-Pacific Partnership.

This is an exciting moment for Canada. We would like to thank our negotiators for their hard work in securing an agreement that will help create jobs, spur innovation and increase consumer choice across Canada, while positioning us at the forefront of global trade developments.

Canada’s prosperity is intimately tied to its ability to compete internationally. One out of every three Canadian jobs depends directly or indirectly on trade. The TPP will give Canada preferential access to an economic zone covering 800 million people and 40% of the global economy. Already, TPP countries account for the vast majority of Canadian exports and cross-border investment.

We’re looking at huge gains for Canadian farmers, food processors, and companies in forestry, mining, aerospace, financial services and information technology, among other industries. Of course, trade negotiations are a process of give and take and it will be important for the government to take seriously the concerns of any affected sector, and to partner with them to ensure their competitiveness. The measures announced to compensate the sectors most affected are a good starting point.

Key highlights for business include:

Immediate elimination of import duties on the majority of Canadian exports to TPP markets

Access to new markets like Japan, Vietnam, Malaysia, Singapore, where Canada currently does not have trade agreements

The potential for high-growth countries like China, Indonesia and the Philippines to join TPP in the future;New disciplines on state-owned enterprises to make sure that Canadian companies can compete on a level playing field

E-commerce rules that will nurture the growth of cloud computing and other data technologies essential to Canadian business competitiveness

Provisions that will make it easier for Canadian services companies to get their people in and out of foreign markets

Tools to help small businesses take advantage of the agreement and manage their supply chains

Enhanced protections for investment and intellectual property so Canadian companies have the confidence to expand their presence and license products across the Pacific

Everyone can agree: we can’t let the TPP happen without us. Left out on our own, others would take our place in regional supply chains. And Canada would forfeit a once-in-a-lifetime opportunity to shape the rules that will govern trade for the next 10, 20 and 30 years.

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